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Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Jerome Powell’s legacy is at stake in the quest to soft land the economy and prevent overheating
    • Meanwhile, the market storm has failed to dent economists’ solid U.S. growth outlook
  • Bloomberg Economics estimates the U.S. housing market will remain strong this year
  • China’s government spending rose at the slowest pace in nearly two decades last year
    • The country’s provincial authorities are expecting their economies to expand at least 5% this year, providing clues on where the national government will set its growth target in coming months
    • China’s anemic economy could use a boost but it’s unlikely to get one from the winter Olympic Games, Bloomberg Economics says
  • Japanese Prime Minister Fumio Kishida says it’s hard to tell good inflation from bad
  • Singapore unexpectedly tightened monetary policy to join the global fight against accelerating inflation, sending its currency to the strongest since October
  • Confidence in Germany’s near-term outlook improved in January as supply bottlenecks eased
  • The U.K. government got some fuel to address the cost of living crunch as its borrowing came in well below official forecasts for the first nine months of the fiscal year
    • Meanwhile, officials at the country’s central bank have largely decided to keep quiet in the run-up to their February meeting, allowing expectations to solidify for another interest rate increase

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